Market Analysis For Pocahontas County

An organization such as the Pocahontas Memorial Hospital (PMH) is established to be a primary care source for a rural community, serving 5% of the state’s population (Pocahontas Memorial Hospital, 2013). PMH wishes to deliver compassionate care and promote healthy lifestyles through working collaboratively with other healthcare facilities, and delivering adequate patient education, while sustaining financial viability (Pocahontas Memorial Hospital, 2016). This organization would like to offer a comprehensive satellite health clinic within Pocahontas County, as the strategy to intervene existing weaknesses and threats to the health of the community of Pocahontas County.

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

Market analysis is determining the attractiveness of a market and looking for growth opportunities and threats related to the strengths and weaknesses of the company (Aaker, 2008).

Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool.

In the same county of Etowah, there are three competitors: Gadsden Regional Medical Center, HealthSouth Corporation and Mountain View Hospital. Of the three mentioned institutes, Gadsden Regional medical Center (GRMC) is the main competitor that targets the same population as Riverview Regional Medical Center (RRMC). Both centers share medical professional privileges and both share the same geographic location. However, RRMC maintains the advantage of being owned and managed by Health Management Associates (HMA) which has proven to be reliable and successful in the management of rural health care organizations and continuously improve revenue.

CMS will be rewarding the top performing hospitals by increasing to their payment for Medicaid patients. HCAHPS survey is sent out within six weeks of the patients discharged, there is 27 questions relating to communication with the staff, cleanliness, pain management, communication about medicines, discharge information and if they would recommend the hospital. The data is to Premier Incorporated to categorize the date, and then place this information on the website http://.wwwhospitalcompar.hhs.gov and available to the public. Health Quality Alliance and Center of Medicare and Medicaid Systems have awarded over eight million to hospitals who have shown improvements in the care of their patients.

Mountain States Healthcare (MSH) is a regional system of hospitals located in several large metropolitan areas of Colorado, Idaho, Utah, and Wyoming. MHS started as a single hospital in Salt Lake City, Utah, and, due to the business acumen and experience of its officers and Board of Directors, was quite successful and profitable ( MG371, Article). During the years MHS started to collect different hospitals and clinics that were not profiting and turning them around by treating them as their own entities but applying their successful management strategies. As the MHS grew they created the Utah Health Group and then the MSH.

Pocahontas County is a rural area located in the southeast region of West Virginia, spanning 942 square miles. The scenic area serves as the site of the head waters for eight rivers: Cherry River, Cranberry River, Elk River, Ganley River, Greenbriar River, Tygart Valley River, Williams River, and Shaver Fork of the Cheat River and consists of 10 scattered small towns. As with other rural communities across the United States, Pocahontas Country suffers from a depressed local economy, substantial barriers to health care access, and difficulty in attracting health professionals. A market analysis of both the rural community and some options that may be used to attract health professionals to Pocahontas Memorial Hospital offers some proposed relief to the dampened healthcare outlook.

Market research plays an important role in every aspect of an organization 's strategy of expansion and diversification. Since Kudler Fine Foods is expanding services then it needs to know about their competitors. Market research

The opportunities that afford us are enormous! This is the first product on the market and since this is a technology society, it will create excitement in our culture. The purpose of this product is to provide a more convenient product for parents to help in transporting the child from place to place in a safe manner. The car can be operated while the parent is driving the by the car seat remote control. The

Market research is utilized by companies to make the right decisions when it comes to

A SWOT-Analysis is a useful strategic tool for PMH to utilize when determining whether a rural satellite clinic will be a profitable market venture. A SWOT-Analysis is a diagram that considers organizations’ internal competencies (strengths and weaknesses) and external developments (opportunities and threats) affecting the institution (Van Wijngaarden, Scholten, & Van Wijk, 2012). Therefore a SWOT analysis for PMH’s satellite clinic project includes the following strengths: PMH current rural health clinic is successful and provides patients with increased access to outpatient health care services even after business hours and on weekends; offers a patient portal for customers to electronically access their health information; and gives patients access to rotating specialty care services (i.e. podiatry, nephrology, and surgery) (PMH, n.d.). Also, PMH has built strong relationships throughout Pocahontas County that increases public perceptions for their institution and acceptability for the developing of new business ventures (PMH, n.d.). Finally, PMH has an in-house billing center that assists patients with their health care payments and offers a Payment Assistance Program to those patients who have difficulty paying their bills (PMH, n.d.).

Our task for this project was to play a virtual stock market game on www.marketwatch.com. We had to read market related news and then buy and sell stocks of NASDAQ based on that news. I started playing from the 9th February till the game ended on 21st April. At the end of the game, my ranking was 11th out of 24 players and I had made a profit of $5401.48 at the end. I had actively taken part in this game, playing most days of the week when possible. I have learnt that stock prices do follow a random walk like we learnt from this course and that any new information that affects the stock prices has immediate

This involves a detailed and objective analysis of a company’s organization and its ability to maximize its strengths and market opportunities. Companies can use this to determine what opportunities they have gained through the marketing campaign.

Market analyze is very important to get customers feedback. By gathering market data , market growth the organization will get to know about the competitors.